Reviewer for Quiz #2 in Applied Economics

Which among these BEST define Economic Systems?

• A method used by governments to create laws and regulations for businesses and individuals.

• A framework for how societies or governments plan and manage the financial system of a country.

• A means by which societies or governments organize and distribute available resources, services, and goods across a country.

• A strategy employed by countries to engage in international diplomacy and trade agreements.

Which economic system refers to "It relies on subsistence farming, hunting, and gathering, with little change or innovation over time."

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which economic system refers to "It facilitates substantial growth for the development of a country and based on the concept of free markets."

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which economic system refers to "A dominant centralized authority controls a significant portion of the economic structure."

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which economic system refers to "It is the combination of the best features of market and command systems."

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economu

Regulation in this economic system is influenced by the demand and supply.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

It is known as the “Planned Economy”.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which of the following refers to an increase in the production of economic goods and services in one period of time.

• Economic Growth

• Poverty

• Unemployment and Underemployment

• Population Growth

Which of key indicator of Economic Growth refers to the improvement of skills, knowledge, and health of individuals within a society.

• Technological Advancements And Innovation

• Government Policies

• Infrastructure Development

• Investment in Human Capital

• International Trade And Globalization

Which of key indicator of Economic Growth refers to the creation of new products and services, improving efficiency, and reducing costs.

• Technological Advancements And Innovation

• Government Policies

• Infrastructure Development

• Investment in Human Capital

• International Trade And Globalization